Quote:
Originally Posted by FlameOn
I'm up $48/mo or $576 on the year, 12% increase. How is it my assessed value is so far off? I have the exact same home (builder and floorplan) a street down currently selling for $100k less than I paid for it and it's been on the market >6 months.
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The assessed values are wrong every where I think. I haven’t been able to confirm, but I’m pretty sure that’s the root of my 61% increase. There are a couple ridiculous things about that. First of all, that’s an enormous increase, but admittedly that’s my problem and I don’t expect other people to care.
More importantly though, that effectively means the city has under collected for years on my property. I know what the prior owners paid, and it was close to the assessed value this year, but evidently the assessed value was way less than that for a long time. So for a city that constantly has to increase taxes because they don’t collect enough, that adds up.
The other problem is now. The city increased my assessed value, and left the neighbours around me back where they were. That just illustrates how terrible the methodology of getting these property values in the first place. There might be some differences between my home and my neighbours, and we all have those idiosyncratic differences. But we’re talking ~25% here, and that’s just a poor system. For the city as a whole it means more years of under collecting on these other places though, which means lower revenue for who knows how long. I guess until the property is sold and the next owners get the sticker shock I did?
To me it’s obvious that this current system has a lot of issues though. I would expect in this day and age that the city would have a reliable way to determine these values, but what I see in practice is something different.